Already had a mod. now h4h - help? - Loan Modification Forum

atrombley1 · 11-07-2008, 09:18 PM

Okay, well I was one of the few successful people way early on here in CW forum. With the help of Andrew I also got a successful modification

. The terms of my new modification are 5 yrs at intro rat of 6% interest only due to go back to an adjustable in 3/2013....So I kept receiving calls regarding a late payment 16 days late (I have never been 30 days) so finally I called them back and they transferred me to the Home Rentention Department. They asked about the payment.. which I told them was scheduled on the website for the 30th. She then mentioned my account was flagged for the upcoming assistance program being rolled out on 12/1. She said I would be receiving a letter soon. So fine that was 4 weeks ago. Yesterday 11/6 I call to find out more information about this "assistance". I got routed to Stacey Covelle. She told me they wanted to take me completely out of a subprime and put me into a fixed rate for the life of the loan. I said okay but what are the payments going to be...she said not higher. She took financials and asked for the last two weeks of paystubs to be faxed. I said okay and then she mentioned that I will be receiving a letter shortly with more details...

So to make a long story short, I logged on to CW website to schedule my payment and it won't let me, flagging me to call customer service 1-800-669-6607. When I click on Workout it gives me the speal about it be processed etc. ... What?

So my question/concern is: Can they change the terms of the loan without me agreeing to it? I'm not sure that the terms of what they are going to offer is going to be any better than our original modification that we have been paying on time for 9 months. Why are they not allowing me to make payments? I'm afraid that they will change the terms to something that we can't do....when she took my financials they showed -$71 she said. I'm concerned that they can reneg on the other modification that we already did? Can I deny the new offer and stick with what we agreed to back in March 2008?

Any help appreciated!

Moe Bedard · 11-07-2008, 11:28 PM

You do not have to agree to take the new program...........but it might fix your rate for the remainder of the loan instead of just 5 years.

Looking4Help · 11-17-2008, 06:24 PM

Hey Atrombley I like you was modified into a 5 year fixed i/o of 4%. I have 4 1/2 years left to go and I actually want to get offered what you got offered. I want something fixed for the life of the loan for peace of mind. Can you give me any more info on this offer? How can I get it to make a long story short? Was your loan originated with Countrywide? Thanks!

11-07-2008, 09:18 PM	#1 (permalink)
atrombley1 Member Join Date: Dec 2007 Posts: 25	Already had a mod. now h4h - help? Okay, well I was one of the few successful people way early on here in CW forum. With the help of Andrew I also got a successful modification . The terms of my new modification are 5 yrs at intro rat of 6% interest only due to go back to an adjustable in 3/2013....So I kept receiving calls regarding a late payment 16 days late (I have never been 30 days) so finally I called them back and they transferred me to the Home Rentention Department. They asked about the payment.. which I told them was scheduled on the website for the 30th. She then mentioned my account was flagged for the upcoming assistance program being rolled out on 12/1. She said I would be receiving a letter soon. So fine that was 4 weeks ago. Yesterday 11/6 I call to find out more information about this "assistance". I got routed to Stacey Covelle. She told me they wanted to take me completely out of a subprime and put me into a fixed rate for the life of the loan. I said okay but what are the payments going to be...she said not higher. She took financials and asked for the last two weeks of paystubs to be faxed. I said okay and then she mentioned that I will be receiving a letter shortly with more details... So to make a long story short, I logged on to CW website to schedule my payment and it won't let me, flagging me to call customer service 1-800-669-6607. When I click on Workout it gives me the speal about it be processed etc. ... What? So my question/concern is: Can they change the terms of the loan without me agreeing to it? I'm not sure that the terms of what they are going to offer is going to be any better than our original modification that we have been paying on time for 9 months. Why are they not allowing me to make payments? I'm afraid that they will change the terms to something that we can't do....when she took my financials they showed -$71 she said. I'm concerned that they can reneg on the other modification that we already did? Can I deny the new offer and stick with what we agreed to back in March 2008? Any help appreciated!

11-07-2008, 11:28 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Already had a mod. now h4h - help? You do not have to agree to take the new program...........but it might fix your rate for the remainder of the loan instead of just 5 years. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

11-17-2008, 06:24 PM	#3 (permalink)
Looking4Help Member Join Date: Apr 2008 Posts: 23	Re: Already had a mod. now h4h - help? Hey Atrombley I like you was modified into a 5 year fixed i/o of 4%. I have 4 1/2 years left to go and I actually want to get offered what you got offered. I want something fixed for the life of the loan for peace of mind. Can you give me any more info on this offer? How can I get it to make a long story short? Was your loan originated with Countrywide? Thanks!

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